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Islamic Finance
 IslamiCity Forum - Islamic Discussion Forum : Religion - Islam : Islamic Finance
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Tim the plumber
 
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Quote Tim the plumber Replybullet Posted: 15 March 2017 at 12:52pm
Originally posted by Ceo3

Can you provide proof or source? OPEC only sells in dollars since the 70s, google petro dollar, opec agreements ect. Every country tht supports withdrawel from petro dollar has been neutralised ie Iraq, Libya...next it would be Iran.


No.

Can you provide any evidence that Iran would not accept payment for oil in Euros or gold?

The price agreed is going to be in dollars but the payment method are generally between the seller and the buyer.

Why not ask the Iranian embassy?

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Ceo3
 
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Quote Ceo3 Replybullet Posted: 27 April 2017 at 11:20pm
"However, the decision to drop the dollar could prove to be complicated for Iran, given that its most important export is oil which is priced in dollars. The country is on course to earn $41bn from oil sales this fiscal year. Switching its reporting to another currency will add a degree of currency risk and volatility and is likely to complicate matters for the authorities. At this stage, however, it is not clear how they will deal with this issue."
https://www.forbes.com/sites/dominicdudley/2017/01/30/iran-to-ditch-dollar/#5a0f180a6715
http://www.zerohedge.com/news/2016-02-07/iran-says-no-thanks-dollars-demands-euro-payment-oil-sales&ved=0ahUKEwiUmYPpvcbTAhUHVxQKHddtDosQFgglMAQ&usg=AFQjCNHDDJqMGbGKCzBScKmPr95V_eoA8A&sig2=IKGcjQf4MHZhq6mXfNQHCg

@ Tim,

The Iranian embassy was of no help. However the articles above could provide some insight. I think you may be right that participants decide currency but sale quote in dollars. My question is does the quoting of price in dollars give it strength?

Edited by Ceo3 - 27 April 2017 at 11:23pm
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Tim the plumber
 
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Quote Tim the plumber Replybullet Posted: 28 April 2017 at 1:13am
I think it is the other way around. That the strength of the dollar is reason commodities are priced in dollars.

With dollars you can buy stuff anywhere and of any cost.

With Swis francs you can have great confidence that they will be still worth what they are today (at least) in 5 years time but if you are looking to buy a fleet of oil tankers or a new refinery the economy of Swizerland is not big enough to support the massive movement of cash that that sort of thing needs.

Sometimes a currency can make the change from being a Swis style sloid little trustable thing into an international trading currency like the Hong Kong dollar did in the far east but this is usually due to the place being an intense center for trade and a lack of decently exchangable currencies as an alternative.

If UAE or some such had such a currecy that was more trusted than the dollar or other local currencies then there is perhaps the opportunity for the same. But today most currencies are managed by people who understand how money works fairly well and those the arn't are the ones that don't work.

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